How to handle advancements to employees for Company's expenses?

Abigail Lee
1717-0303-2020202020202020

Sample scenario below is for an employee called "Employee A" who takes a $2000 advance from the Company for a company's exhibition trip to Germany.

STEP 1 : Make Advance Payments to Employee A.

STEP 2 : Recognise the actual expenses incurred with the receipts provided by Employee A.

            (a) Scenario 1 - When the initial payment of $2000 to Employee A was more than the actual receipts of $1850. This resulted in Employee A owes Company $150.

    

             (b) Scenario 2 - When the initial payment of $2000 to Employee A was less than the actual receipts of $2250.  This resulted in Company owes Employee A $250.

   

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